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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tubacex
Tubacex (TUB) investor relations material
Tubacex Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
9M sales were €475.6M, down 9.6% YoY, and EBITDA was €54.0M, with an 11.4% margin, amid lower activity and Abu Dhabi disruption.
The €1,162.4M order book was slightly above June, signaling initial stabilization after several quarters of decline.
Premium products, diversification and efficiency supported profitability; priorities include normalizing operations, reducing working capital and converting opportunities into profitable orders.
Financial highlights
9M sales were €475.6M versus €525.9M; EBITDA was €54.0M versus €84.6M, down 36.2% YoY, and margin was 11.4% versus 16.1%.
EBIT was €17.9M, down 64.4% YoY; profit before tax was -€2.4M and attributable net income was -€5.5M versus €16.7M in 9M 2025.
Q3 sales were €152.0M, down 7.6% YoY; EBITDA was €16.2M, down 31.8%, with a 10.6% margin versus 14.4%.
Excluding Middle East conflict-related operating-cost overruns and assuming normal activity, EBITDA margin would have been within the strategic target range.
Outlook and guidance
Q4 is expected to remain challenging as tariff, regulatory and geopolitical uncertainty continues to delay investment decisions and awards.
Potential awards in OCTG, Umbilicals, Nuclear and A&D, plus negotiated projects, could support a gradual 2027 recovery; timing depends on customer decisions and pipeline conversion.
2027 recovery is expected to be supported by the contracted order book, operational and logistics normalization, and conversion of opportunities, with lower working capital and stronger cash generation as priorities.
EU safeguard measures effective since July could support a gradual European recovery if translated into new orders.
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Latest events from Tubacex
- Record FY23 results and a €1.6B backlog support 2024 visibility.TUB
Q4 2023 - Sales and margins fell amid Middle East instability, but a robust order book underpins recovery.TUBQ2 2026
- Sales and EBITDA declined sharply, but cash generation and backlog support resilience.TUBQ1 2026
- EBITDA margin rose to 14.7% despite a 6.3% sales drop and challenging market conditions.TUBQ4 2025
- EBITDA margin rose to 16.1% and profit improved, despite lower sales and higher debt.TUBQ3 2025
- EBITDA and net profit surged, order backlog stayed strong, and 2025 outlook remains positive.TUBQ2 2025
- Q3 margins improved and strong backlog support growth and deleveraging plans.TUBQ3 2024
- ADNOC ramp-up and Mubadala deal set stage for 2025 growth and margin recovery.TUBQ2 2024
- Record €1.56B backlog and €107M EBITDA set up robust growth for 2025.TUBQ4 2024
Next Tubacex earnings date
Q4 202627 Feb, 2027
Tubacex
Next Tubacex earnings date
Q4 202627 Feb, 2027
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Frequently asked questions
Tubacex S.A. is a global manufacturer and distributor of seamless stainless steel tubes and pipes. The company specializes in providing high value-added products for industries such as oil and gas, power generation, petrochemicals, and other energy-related sectors. Its portfolio also includes fittings, hollow bars, and high-nickel alloy products. Tubacex operates internationally, with production and sales facilities across Europe, the Americas, and Asia, and offers end-to-end solutions from manufacturing to distribution. The company is headquartered in Llodio, Spain, and its shares are listed on the Madrid Stock Exchange.